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Cyber risks increase daily for businesses in Portland, OR, as criminals become more savvy in hacking into networks and computers to steal personal information and paralyze operations in hopes of getting a ransom payment. Insurance covering these risks has become a necessity, yet many entrepreneurs remain unsure about what a cyber policy covers. Einstein Insurance can guide you on the intricacies of a cyber policy and recommend one to suit your needs.
Cyber Insurance is Evolving
The world of cyber insurance is still new, so it continues to evolve as more risks become apparent. Comprehensive cyber policies cover three main areas of financial risk:
- First-party expenses, including costs you would have to pay to cover losses related to data breaches or privacy incidents
- Third-party expenses, which are the costs associated with defending liability claims and fines and penalties assessed by authorities
- Cuber crime costs, dealing with financial losses directly resulting from criminal activities, including the theft of funds from digital fraud
Explaining Coverage
You may not be sure exactly what falls under first-party or third-party coverage, but when seeking a cuber policy, you want something to cover your operation. Look for coverage of data breaches that insures you against information theft, network breaches, incidents that occur online anywhere in the world, and defense for lawsuits emanating from data breaches. Additional coverage your policy should have includes legal counsel for notifications and regulatory obligations, recovery and replacement of data, lost income due to interruption of business, crisis management and public relations, extortion and fraud, forensic services investigating the breach, network business interruption, errors and omissions related to cyber incidents, and intellectual property infringement.
Because this coverage has evolved so quickly, reviewing your coverage with Einstein Insurance annually is a good idea. Contact our Portland, OR, office for the latest information.
